The median price of an Orange County home slipped $5,000 in July from the record levels of a month ago, while sales in the county continued to lag.
The median price of a home now stands at $640,000, the same price as a year ago, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
June’s $645,000 median price had been a record high for Orange County. The pricing for the area has been skewed by the effects of the subprime mortgage meltdown, which has resulted in far fewer lower-priced homes being sold.
Sales volumes in the county continued to show little signs of a pickup. There were 2,391 OC homes sold in July. That’s down 9% from June, and 20% below year-ago sales figures.
The Southland saw its slowest sales for any July since 1995, according to DataQuick. There were 17,867 homes sold in Southern California last month, down 27% from a year ago.
The median price for a Southland home was $505,000 in June, up $3,000 from a month ago and a 3.7% increase from a year earlier.
